17/11/2011
- Current charter in Thailand concluding by end-November
2011
- Eyes gas production project in the high growth O&G
development in the South East Asian region
- Potential contract will improve EOC's earnings
visibility and add new client to list
EOC Limited (EOC or the Group), one of Asia's leading
providers of offshore production services to the oil & gas
(O&G) sector, is eyeing a longer term contract for the Lewek
Arunothai which will improve the visibility of its recurrent
ine stream as well as grow the Group's client base.
The specific opportunity, which is undergoing bidding and if
awarded, will likely run for a period of between three to
five years and will utilize the Lewek Arunothai, EOC's
gas FPSO (floating, production, storage and offloading
vessel), in Asia for an international integrated global
energy pany.
The Lewek Arunothai is currently employed in the Gulf of
Thailand under a contract awarded in 2006 by Thailand's
national oil pany, PTT Exploration and Production Public
Company Limited, which will conclude by end-November 2011.
The timing of the end of her current charter, which has been
executed with industry leading operational and safety
performance, places her as a strong candidate for the new
deployment opportunity which requires an FPSO to be available
with a relatively short lead-time.
Mr Lim Kwee Keong, EOC's Chief Executive Officer, said:
"We are always on the lookout to improve the earnings
visibility of the Group and grow our recurrent ine base. This
potential contract will enable us to strengthen our presence
in South East Asia, an exciting market for our FPSO, in
particular high growth areas revolving around offshore gas
opportunities and the possibility of working with a new
client."
The Group's latest and largest FPSO, the Lewek EMAS, is
currently employed in Vietnam's Chim Sao field on a
contract with a base term of six years and six renewable
one-year extension options.
ABOUT THE COMPANY
www.emasoffshore-cnp. (http://www.emasoffshore-cnp./)
Oslo Børs listing: October 2007
EOC Limited offers offshore floating production services that
supports the life cycle of offshore oil & gas (O&G)
production. It owns and operates two floating production,
storage and offloading (FPSO) vessels, the Lewek Arunothai
and the Lewek EMAS and a fleet of construction vessels. It
has current operations and has operated in Australia, Brunei,
India, Indonesia, Malaysia, the Middle East, the Philippines,
Vietnam and Thailand.
EOC's successful operational and HSE (health, safety and
environment) track records have enabled the Group to
establish strong working relationships with leading
international oil majors, national oil panies and various
independent operators. In addition, these ties have also
brought in a steady stream of repeat business and recurring
ine.
The Group is also an associate pany of Singapore
Exchange-listed Ezra Holdings Limited, a leading global
offshore contractor and provider of integrated offshore
solutions to the O&G industry.
FOR FURTHER ENQUIRIES
Mr. Chan Eng Yew
EOC Limited
65 9792 8616
engyew.chan@emasoffshore-cnp. (engyew.chan@emasoffshore-cnp.)
Ms. Carol Chong
Oaktree Advisers
65 9475 3167
carolchong@oaktreeadvisers. (carolchong@oaktreeadvisers.)
Ms. Nora Cheng
Oaktree Advisers
65 9634 7450
noracheng@oaktreeadvisers. (noracheng@oaktreeadvisers.)
Other media releases on the pany can be accessed at
www.oaktreeadvisers.
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